Refresh Secured Visa Credit Card Review

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The Refresh Financial Secured Visa Credit Card is popularly known as the go-to card if you have a poor credit, damaged credit, or no credit at all, and are looking for ways to build or repair your credit rating. Starting at a minimum deposit of $200 and a $12.95 base annual fee, the Refresh Visa card is one of the cheapest and easiest secured credit card to obtain within its category.

Have a bad credit score or bankruptcy history? Have a low personal income? Have been turned down by other credit card issuers and want to start building your credit history using a low-annual fee card? Check out the Refresh Secured Credit Card – it ticks all the right boxes and also comes with the benefits associated with using a Visa card.

Refresh Secured Visa Card – Features and Benefits

If you are in the market for a secured credit card either because you have a limited credit history or your credit history has taken a bad hit from a bankruptcy or consumer proposal, this card may be your best option.

These are some of the features and benefits offered by the Refresh Secured Visa card:

1. Guaranteed Approval: Most credit card issuers require that your credit score be in the good to very good range for you to get approved for a card. With the Refresh card, there is no credit check required. Bad or poor credit? No problem – approval is guaranteed as long as you meet the following basic requirements:

Be the age of the majority in your province

Have the security deposit, starting at $200

Don’t have an existing Refresh credit card or a pending application for one

2. Low Annual Fee and Interest Rate: The annual fee of $12.95 charged for this card is pretty low compared to alternatives. In addition to the $12.95, you pay a monthly fee of $3, for a total annual cost of $48.95. The Refresh Secured Credit Card is often used as a stepping stone to an unsecured card, once your credit score has increased. Therefore the annual payment is structured this way to ensure you do not have to pay the full amount if you only have the card for a portion of the year. On the interest rate side of things, you are charged 17.99% interest if you do not pay your credit card balance within the 21-day interest-free Grace Period.

3. Low Security Deposit: Eligibility for the Refresh Visa card starts at a minimum deposit of $200, and up to $10,000. What this means is that if you have at least $200 in down payment, you can apply for the card and start building your credit. Your deposit amount determines your credit limit, and the $200 minimum deposit was the lowest I found among secured credit cards in Canada.

4. Build Credit: Every time you make payments towards your card balance, it is reported to the two major credit bureaus as a revolving credit. With each report showing you are managing your debt responsibly, your good credit history grows, as well as your credit score.

5. Financial Education: Refresh Financial offers their clients free financial education through Refresh F.I.T, also known as Financial Intelligence Training. This program is free and helps you to learn the basics about money, credit cards, how to become debt-free, save money, set financial goals, boost your career, and build wealth.

Refresh Financial Secured Visa – Other Fees

Like other credit cards, the Refresh Secured Card comes with some other fees that become applicable depending on how you use your card, including:

Cash Advance Fee: $5.00

Over Limit Fee: $5.00

Declined Transaction Fee: $0.10

%Fee on International Transactions: 3.50%

Paper Statement Fee (in lieu of the e-copy): $2.50

ATM Transactions (Canada and International): $5.00

Point of Sale Transaction Canada: $0.00

Point of Sale International: $3.50

As you can see, if you are using your card the right way i.e. paying off your balances within the 21 day Grace Period and not using your credit card at an ATM or internationally, you should not have to pay these additional fees.

Is The Refresh Secured Visa Card For You?

Secured credit cards are generally useful if you:

Have limited or no credit history

Have a damaged or poor credit rating from going through a bankruptcy or consumer proposal

With this card, you get a chance to repair or build your credit score using a low-fee annual card. To see results quickly, you should plan to use your card frequently and make on-time payments.

Other Options To Build Your Credit

In addition to the Secured Visa Credit Card, Refresh Financial also offers a secured loan option for repairing or building your credit.

Refresh Cash Secured Loan

The cash secured savings loan requires no money from you upfront. The loan amount you apply for is held in a savings account and your payments are reported to the credit bureaus as installment loan payments.

Cash secured loans are great for people who do not qualify for a loan due to poor credit, and is useful for building or establishing credit. 97% of applications are approved and loan terms vary from 36 to 60 months.